Adding Value in Marketing and Distribution DCC is a value added marketing and distribution group, which operates principally in growth
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1 Contents Adding Value in Marketing and Distribution DCC is a value added marketing and distribution group, which operates principally in growth segments of the IT, energy and healthcare markets. DCC holds strong market positions in the UK and Ireland and is expanding its IT and healthcare activities in Continental Europe. The Company's shares are quoted on the Irish and London stock exchanges. Contents Financial Highlights Group at a Glance inside front cover inside front flap DCC is diversified in the markets we address. We are highly focused in what we do - adding value in marketing and distribution. Directors 2 Chairman s Statement 4 Chief Executive/ Deputy Chairman s Review 6 Operating Review 10 Procurement DCC builds enduring relationships with key suppliers and leading brand owners, driving superior volume growth. High quality operations DCC develops skilled management teams who drive consistent strong growth through: Product focused sales teams Excellent technical support Effective use of IT Focus on working capital Strong cash generation Financial Review 20 Management 24 Corporate Governance 26 Report of the Directors 28 Report on Directors Remuneration 30 Statement of Directors Responsibilities 34 Report of the Auditors 35 Accounting Policies 37 Financial Statements 40 Notes to the Financial Statements 45 Market penetration DCC's deep distribution reach penetrates a broad range of customers across market sectors. Group Directory 74 Shareholder Information 77 Corporate Information 79 Index 80 Five Year Summary and Key Ratios inside back cover ANNUAL REPORT AND ACCOUNTS
2 Directors Board of Directors Alex Spain: Chairman Alex Spain, B.Comm., F.C.A. (aged 68), is non-executive Chairman of DCC and is a director of a number of other companies. He was Managing Partner of KPMG in Ireland from 1977 to He is a former President of the Institute of Chartered Accountants in Ireland and a former Chairman of the Financial Services Industry Association in Ireland. Mr Spain joined the Board and became Chairman in Chairman of the Audit, Remuneration and Nomination committees Jim Flavin: Chief Executive/Deputy Chairman Jim Flavin, B.Comm., D.P.A., F.C.A. (aged 58), founded DCC in 1976 and is Chief Executive and Deputy Chairman. He has extensive experience in the areas of business development and corporate acquisitions. Prior to founding DCC, he worked as head of AIB Bank s venture capital unit. Mr Flavin is also Deputy Chairman of Eircom plc. Member of the Nomination committee Tommy Breen Tommy Breen, B.Sc. (Econ), F.C.A., (aged 42), executive Director, joined DCC in 1985, having previously worked with KPMG. He is Managing Director of DCC SerCom. Mr Breen joined the Board in Tony Barry Tony Barry, Chartered Engineer (aged 66), non-executive Director, is a member of the Court of Bank of Ireland, Chairman of Greencore Group plc and a director of Ivernia West plc. He was Chairman of CRH plc from 1994 to May 2000, having previously been Chief Executive. He is a past President of The Irish Business and Employers Confederation. Mr Barry joined the Board in Member of the Audit, Remuneration and Nomination committees 2 ANNUAL REPORT AND ACCOUNTS 2001
3 Directors Morgan Crowe Morgan Crowe, Dip. Eng., M.B.A. (aged 56), executive Director, joined DCC in 1976, having previously worked with the Boeing Company in Seattle and with IBM in Dublin. He is Managing Director of DCC Healthcare. Mr Crowe joined the Board in Paddy Gallagher Paddy Gallagher, B.L., D.P.A. (aged 61), non-executive Director, retired as Head of Legal and Pensions Administration at Guinness Ireland Group in He previously worked with Aer Lingus, the Irish national airline, and is a former Chairman of the Irish Association of Pension Funds. He is a member of the Committee of Management of Irish Pension Fund Property Unit Trust. Mr Gallagher joined the Board in Member of the Audit, Remuneration and Nomination committees Kevin Murray Kevin Murray, B.E., F.C.A. (aged 42), executive Director, joined DCC in 1988, having previously worked with Shell Chemicals in London and Arthur Andersen in Dublin. He is Managing Director of DCC Energy and DCC Foods. Mr Murray joined the Board in Fergal O Dwyer Fergal O Dwyer, F.C.A. (aged 41), executive Director, joined DCC in 1989 having previously worked with KPMG in Johannesburg and Price Waterhouse in Dublin. He was appointed Chief Financial Officer in Mr O Dwyer joined the Board in ANNUAL REPORT AND ACCOUNTS
4 Chairman s Statement Chairman s Statement Results DCC again achieved excellent growth in the year to 31 March Turnover grew by 42.1% to s1.87 billion and operating profit increased by 24.3% to s91.7 million. Adjusted earnings per share increased by 23.1% to 84.7 cent. The return on tangible capital employed increased to 48.1% from 40.6% and inclusive of acquisition goodwill the return increased to 23.7% from 20.9%. Dividend The Directors are recommending a final dividend of cent per share which, added to the interim dividend of 7.74 cent per share, gives a total dividend for the year of cent per share. This represents an increase of 20.0% on the dividend of cent per share paid in respect of the year ended 31 March The dividend for the year is covered 4.0 times by adjusted earnings per share (2000: 3.9 times). The final dividend will be paid on 10 July 2001 to shareholders on the register at the close of business on 25 May ANNUAL REPORT AND ACCOUNTS 2001
5 Chairman s Statement Financial strength & share buy back DCC has achieved excellent growth since its listing in operates throughout Britain and Ireland, is now the largest distributor of fuel oils and distillates in Northern Ireland. Adjusted earnings per share have increased at a compound rate of 19.7% per annum over this period. Reflecting the high quality of the Group's earnings, DCC has also been strongly cash generative and had net cash at 31 March 2001 of D83.2 million. In light of this position, DCC availed of the opportunity during the year to buy back 2.56 million of its own shares (representing 2.9% of its issued share capital) at D9.50 per share, costing D24.7 million in total. The share buy back was earnings enhancing and has had a minimal impact on DCC's financial capacity. Selective share buy backs are intended to complement, rather than substitute for, the Group's capital investment and acquisition programmes. Development During the year a total of D74.2 million was invested in organic growth and acquisitions (2000: D52.3 million). The expenditure was incurred across the Group and included the Corporate governance DCC is committed to pursuing best practice in relation to corporate governance matters. Following publication of the Turnbull guidance for directors on internal control, Internal Control: Guidance for Directors on the Combined Code, the Board is satisfied that the Group has effective ongoing processes for identifying, evaluating and managing risks faced by the Group. The future The Group will continue to seek opportunities to invest both organically and by acquisition to exploit growth opportunities in its markets. Alex Spain Chairman 11 May 2001 extension of SerCom Distribution's UK warehousing and distribution hub. DCC's principal acquisition during the year was Fuel Services which has been successfully integrated with the Group s existing energy operations in Northern Ireland. As a result of the acquisition, DCC's energy division, which ANNUAL REPORT AND ACCOUNTS
6 Chief Executive/Deputy Chairman s Review Chief Executive/ Deputy Chairman s Review Strong, consistent and high quality earnings growth DCC is committed to creating shareholder value through delivering consistent, long-term quality returns well in excess of our cost of capital. Compound annual growth in adjusted earnings per share over the last five years of 21.5% reflects well on DCC s focus on growth markets and its disciplined and rigorous operating and financial controls. The "quality" of DCC s earnings growth record is underscored by high and increasing returns on capital employed and excellent cash generation. It is interesting to note that since the listing of DCC in 1994 the growth and development of operations outside of the Republic of Ireland have generated the greater proportion of DCC s earnings growth over that period. The table below sets out the geographical split of operating profit for the years ended 31 March 2001 and UK 48% 44% Other areas 6% 1% 54% 45% Republic of Ireland 46% 55% 100% 100% 6 ANNUAL REPORT AND ACCOUNTS 2001
7 Chief Executive/Deputy Chairman s Review Core strengths and values Our core strengths and values are: Organic growth we are focused on recurring revenue businesses operating in growth market sectors. Bolt-on acquisitions we seek to augment organic growth with bolt-on acquisitions which can be integrated with or internationally, both organically and by acquisition. Other activities in food, supply chain management services and house building generated 18% of DCC s operating profit. While smaller than the Group s principal core divisions, these businesses are of significant importance to DCC and we will continue to strive for cost effective growth in each. complement existing operations, and which extend DCC s reach in markets we know. High returns on capital employed we like low working capital intensity businesses and we constantly focus on achieving high and increasing returns on capital employed. Market sector diversity we see our market sector diversity as a great strength. Focused activity we apply our core skills and competencies in value added marketing and distribution focused sales teams, deep market knowledge, distribution reach, high quality service to vendors and customers and after sales service in each of our market sectors. 94% of Group revenues in the past year were generated through business-to-business trading. Commercially adventurous but financially prudent finally, DCC seeks to be commercially adventurous while at the same time financially prudent financial prudence engenders corporate poise and stability and facilitates DCC remains robust in the view that the ongoing pace of technological advances will continue to drive above average growth in the IT market into the long term. Furthermore, particular segments of the IT market, including storage and networking, will grow very strongly. This will benefit DCC s specialist storage distributor Distrilogie, which has a strong presence in Southern Europe, and the growing storage and networking business of DCC s UK and Irish IT distribution operations. DCC s business-to-business IT distribution model, which is based on an excellent reputation with its vendors and reseller customer base, has consistently delivered superior profit growth and returns. With a modest share of a large, fragmented European market, DCC s proven strategy leaves the Group well placed for continued strong growth. DCC has achieved consistently excellent returns on tangible capital employed in its IT distribution business 67.5% in the past year. appropriate risk taking. The recurring nature of profit and cash flows in the oil and LPG Focus on IT, energy and healthcare In the past year 82% of DCC s operating profit was generated from the Group s activities in the IT, energy and healthcare markets up from 65% five years ago. Each of these markets has good growth characteristics, which are discussed further distribution sector have underpinned DCC s energy division. In addition to a strong LPG distribution business in Ireland and the UK, DCC has, in recent years, built a significant presence in the oil distribution sector in Ireland by developing excellent supply relationships with oil majors and by identifying and below, and provide the opportunity for DCC to expand ANNUAL REPORT AND ACCOUNTS
8 Chief Executive/Deputy Chairman s Review successfully integrating value enhancing bolt-on acquisitions. The expansion of the Group s oil distribution operations into the UK is now a key strategic aim of DCC s energy business. Building on a strong relationship with BP, a key supplier in Northern Ireland, DCC recently entered into a Heads of Agreement to acquire part of its commercial, agricultural and domestic oil business in Scotland and Northern England. The Quality and best practice DCC promotes a quality culture through consistent improvement in all aspects of its business. A continuous focus on key areas such as procurement, management development, information technology, financial management and acquisitions contributes to improvements in operational and financial performance. UK oil distribution market is fragmented and this planned acquisition will establish a strong base from which DCC will grow both organically and through bolt-on acquisitions in the British oil distribution market. DCC achieves high returns on tangible capital employed and strong cash generation in its Energy division return on tangible capital employed in the In procurement, for example, DCC s scale and group purchasing expertise generates cost savings across many key overhead areas. In addition, DCC is leveraging the Group s scale, financial strength and track record in securing new agencies and products for business units. past year was 44.8%. The ambition to be world class, through the achievement of The healthcare market has excellent long-term growth characteristics. It continues to benefit from a number of significant underlying trends. These include an ageing best practice in all aspects of our business, is a perpetual one which drives continuous improvement in all areas of DCC s business. population in the developed world and increased government spending on healthcare. In addition, there is an increasing awareness of health issues among the general population. DCC s healthcare businesses in hospital supplies, mobility products and nutraceuticals should benefit from these key trends. In this area also, DCC achieved an excellent return on tangible capital employed in the past year of 43.3%. Information technology The effective use of information technology is an essential part of DCC s strategy to drive cost effective growth and maximise competitive advantage. The intelligent use of technology, including the selective implementation of Enterprise Resource Planning systems, is generating significant benefits for DCC s businesses. 8 ANNUAL REPORT AND ACCOUNTS 2001
9 Chief Executive/Deputy Chairman s Review Human resources Sustainability of superior performance depends more than anything on the quality of leadership and the engagement and contribution of employees. DCC employs over 3,000 people, led by entrepreneurial management teams and, through its group leadership development processes, is corporate websites. The new website provides users with a flexible and easily navigable information resource on all aspects of DCC. It incorporates an interactive share price monitor, audio and video investor presentations and an extensive library of historical information which is constantly updated with news releases and announcements. focused on optimising and developing DCC s uniquely diverse talent bank of people. The fact that many employees have equity interests in DCC motivates them to take an interest in the performance not just of their own business but that of the DCC Group as a whole. Looking forward In these more uncertain times, DCC s application of its core skills in value added marketing and distribution in diverse growth markets, combined with an immensely strong balance sheet, leaves DCC well positioned to continue its consistent Investor relations DCC has a substantial international shareholder base which record of strong growth and excellent long-term shareholder returns. is continuing to expand. Significant senior management resources are committed to communicating with the investment community and DCC s Investor Relations function strives to ensure that the support the company provides is Jim Flavin Chief Executive/Deputy Chairman 11 May 2001 consistent with best international practice. Corporate websites are an increasingly important platform for communicating with the investment community. During the year, DCC s website ( was redesigned following benchmarking against many of the best European and US ANNUAL REPORT AND ACCOUNTS
10 Operating Review 10 ANNUAL REPORT AND ACCOUNTS 2001
11 Operating Review SerCom Distribution s specialised telesales teams provide a proactive, productfocused service to it s 8,000 customers across Europe. Operating Review (IT) SerCom Distribution Marketing and distributing a broad range of computer hardware and software products. Britain: SerCom Distribution is a leading distributor of computer hardware, including PCs, peripherals, consumables, networking and storage products, to its extensive computer reseller customer base. It is also the leading distributor of consumer software, marketing and distributing business and leisure software to retail outlets, mail order businesses and computer resellers. Ireland: SerCom Distribution is one of the country's leading IT distributors selling a broad range of major hardware and software brands. Continental Europe: SerCom Distribution is the leading specialist distributor of high and mid-range storage solutions in France, with expanding operations in Spain and Portugal. This was another excellent year for SerCom Distribution with very strong performances in all operating subsidiaries. Distrilogie, the Continental European specialist storage equipment distributor, achieved excellent growth in its first full year of contribution. The British hardware distribution business continued to produce excellent results in a highly competitive marketplace. Its key strengths of proactive, product-focused sales teams and the breadth of its customer base contributed to good growth and consolidated its position as one of the leading distributors in Britain. A new specialist division in the high growth area of computer storage products was established during the year. The British software distribution business benefited from its focused strategy of specialising in consumer software distribution and generated excellent profit growth. ANNUAL REPORT AND ACCOUNTS
12 Operating Review SerCom Distribution is constantly expanding its product portfolio. In the past 12 months it has broadened its offering in Personal Digital Assistant (PDA), mobile computing and storage products. The extension of the warehousing and distribution hub in Altham, near Manchester, completed during the year, increased the logistics capacity of SerCom Distribution in Britain by a factor of 2.5 times. Distrilogie had a strong performance in the year and will continue to benefit from the increasing demand for storage products. The specialist service offered by Distrilogie is valued by major vendors such as IBM and Sun and has enabled Distrilogie to attract additional suppliers such as The Irish business again produced excellent growth during the year. The company benefited from the significant investment in its new and larger distribution facility in Dublin which was completed in the previous year. This facilitated a further Compaq and Network Appliance. SerCom Distribution broadening of its product range, including the introduction of new server and storage products. Turnover E753.9m a542.3m +39.0% Operating profit E31.2m a20.5m +52.5% Operating margin 4.1% 3.8% Return on capital employed - excluding goodwill 67.5% 62.3% - including goodwill 33.9% 33.6% 12 ANNUAL REPORT AND ACCOUNTS 2001
13 Operating Review Flogas has a 24% share of the fast growing UK autogas market. Energy Marketing and distributing oil and liquefied petroleum gas (LPG) products in Ireland and Britain under DCC s own Emo, Flogas and other local brands. Oil: DCC is a substantial and the fastest growing player in the Irish oil distribution market (heating and transport oils); it has nationwide access to importation facilities. LPG: DCC markets and distributes propane and butane products, including autogas; it has a leading market position in Ireland and a nationwide distribution network in Britain. Environmental Services: DCC is a waste management services provider, principally to the Irish petrol retailing sector and to the industrial sector. Energy achieved strong organic growth and enhanced its position in the Northern Ireland market through the acquisition of Fuel Services in July The increase in turnover reflects strong volume growth and higher selling prices, which were due to increases in the cost of oil and LPG - crude oil prices remained high throughout the year, exacerbated by the strength of the dollar. Extreme volatility in refined oil product prices at certain times in the year had a somewhat negative impact on the growth of oil profits. However, the volume increases drove excellent operating profit growth overall. Oil volumes grew substantially to in excess of 1 billion litres with continued strong organic growth in the Republic of Ireland and Northern Ireland. Fuel Services was acquired in July 2000 and was successfully integrated into DCC's existing operations ANNUAL REPORT AND ACCOUNTS
14 Operating Review Emo Oil is Ireland s fastest growing independent oil distributor and is a leading supplier of home heating oil in Dublin. in Northern Ireland, making DCC the leading marketer of fuel oil and distillates in this region. The continuing roll-out of the new Emo logo is generating increased brand awareness, particularly in the Republic of Ireland where DCC has a modest presence in the retail petrol market. Energy Turnover E610.3m a369.8m +65.0% Operating profit E23.6m a20.0m +17.8% Operating margin 3.9% 5.4% Return on capital employed - excluding goodwill 44.8% 38.6% - including goodwill 21.0% 19.0% LPG volumes showed satisfactory growth and margins improved as sales price increases were implemented in response to increased product costs and the strengthening of the dollar. The use of LPG autogas as a transport fuel in Britain continues to develop as a result of government policy to promote its use as a more environmentally friendly fuel; DCC has a significant market share in this small but fastgrowing market segment. 14 ANNUAL REPORT AND ACCOUNTS 2001
15 Operating Review Fannin Healthcare s highly trained and qualified sales teams provide extensive technical support to its customers in Irish hospitals and laboratories Healthcare Marketing and distribution of mobility and rehabilitation equipment, hospital supplies and nutraceuticals. Mobility and rehabilitation: DCC has a strong position in the UK mobility and rehabilitation market, with a growing presence in Continental Europe and the US, particularly in electrically powered scooters and powerchairs. Hospital supplies: DCC is the leading supplier of medical, surgical and laboratory equipment and consumables to Irish healthcare sector. Nutraceuticals: DCC is a leading full-service supplier of private label and branded nutraceuticals (vitamins and supplements) in Britain with a growing export customer base. DCC provides marketing, category management and contract manufacturing (tablets, hard-gel and soft-gel capsules) services. Healthcare had another year of excellent growth, all of which was organically generated. In mobility and rehabilitation, DCC increased its share of the British and German markets for powered mobility products. In order to exploit the opportunities presented by the continuing growth of the mobility and rehabilitation market, DCC has significantly augmented its management team in this area. DCC's British based nutraceuticals business achieved excellent sales and profit growth. DCC has increased the level of integration of the tablet manufacturing and soft gel ANNUAL REPORT AND ACCOUNTS
16 Operating Review encapsulation businesses. This will provide a better platform from which to penetrate further the British and European nutraceuticals markets. The loss of an important customer, with effect from September next, will adversely impact the nutraceuticals business in the shorter term, but the longer term outlook for the business and the sector continues to be positive. supplies) was completed. This has consolidated Fannin Healthcare's leadership position both in the scale of its business and in the breadth of its product offering to customers. The company is at an advanced stage in developing an e-commerce system, tailored to meet the particular needs of Irish hospitals. DCC's Irish hospital supply business performed satisfactorily. During the year the integration of Fannin (medical and surgical supplies) and BM Browne (hospital laboratory Healthcare Turnover E182.7m a155.6m +17.4% Operating profit E20.3m a16.0m +27.4% Operating margin 11.1% 10.3% Return on capital employed - excluding goodwill 43.3% 41.3% - including goodwill 19.1% 16.8% DCC s nutraceuticals operations provide a one-stop shop service to its customers, from product development and manufacture, through to marketing and distribution. DCC is the exclusive European distributor of the leading Shoprider range of powered scooters and powerchairs. Other Activities DCC's principal other activities comprise its food, supply chain management services and house building businesses. Food: DCC markets and distributes leading own and third party branded food and beverage products, focused on growth segments of the Irish food market, to an extensive retail and food-service customer base. Supply Chain Management Services: SerCom Solutions provides outsourced supply chain management solutions to leading global manufacturers in the IT and telecommunications sectors. Other activities, including the food businesses and supply chain management services, showed a modest reduction in profitability, principally reflecting significant developmental investment in IT systems, skilled personnel and management resources in SerCom Solutions. Food - DCC's focus on higher growth segments of the Irish food market - including healthy foods, soft drinks, wine and snacks - generated sales growth of 13.7% to d182.4 million, with particularly good growth in the food service sector. DCC has a deep distribution reach, supplying a broad retail and food service customer base. During the year, this distribution reach was extended through investment in additional sales Other interests: DCC's principal other interest is its 49% shareholding in Manor Park Homebuilders, one of Ireland's leading house builders, which has a substantial land bank available for future development. 16 ANNUAL REPORT AND ACCOUNTS 2001
17 Operating Review KP, whose products have been successfully marketed in Ireland for many years by DCC, grew its market share further during the year. and marketing resources, including an expanded van sales force, which contributed to the strong sales performance. Operating profits were d8.5 million compared with d8.9 million in the prior year. Operating margins reduced due to the increased euro cost of sterling purchases, together with planned investment in additional sales and marketing resources. DCC s product portfolio includes many leading food and beverage brands. Following the acquisition of the Robinsons agency last year, DCC is strengthening its share of the growing soft drinks market. ANNUAL REPORT AND ACCOUNTS
18 Operating Review Supply Chain Management Services - DCC's supply chain management services business, SerCom Solutions, continued DCC markets and distributes an excellent range of wines including leading names such as Torres, Brown Brothers and Bollinger. to invest in the development of its business. This has included the installation of a new SAP system and a significant strengthening of the management team across all disciplines. Sales grew by 68.2% to d103.6 million. Operating profit was d2.8 million compared with d3.8 million in the prior year, reflecting the significant developmental investment in IT systems, skilled personnel and management resources. Other - Operating profit from other interests increased by 16.4% to d5.3 million. The principal other interest is DCC s 49% shareholding in Manor Park Homebuilders, which has commenced operations on a major housing development at Clonee, west Dublin. Manor Park has a substantial land bank, which has been acquired at a very attractive cost relative to current market values, leaving it well placed for continued profit growth in the future. Other Activities * Turnover E323.3m a248.4m +30.2% Operating profit E16.6m a17.3m -4.2% Operating margin 5.1% 7.0% Return on capital employed - excluding goodwill 37.1% 41.6% - including goodwill 21.8% 23.7% * continuing activities SerCom Solutions manages the online sale and worldwide fulfillment of certain software upgrades for IBM. 18 ANNUAL REPORT AND ACCOUNTS 2001
19 Operating Review ANNUAL REPORT AND ACCOUNTS
20 Financial Review Financial Review Delivering superior performance DCC is committed to creating shareholder value through delivering consistent, long-term returns in excess of our cost of capital. An investment of d1,000 in DCC on 1 April 1996, when combined with the reinvestment of dividends in DCC, grew to a value of d3,953 over the five years to 31 March This represents a compound annual increase of 31.6%, compared with compound annual growth in the ISEQ index of 18.1% over the same period. DCC s focus on shareholder value aligns corporate and shareholder goals and drives decision making processes across the Group. The commitment to long-term value creation is reflected in DCC s focus on driving organic growth and seeking complementary acquisition and development opportunities. Strong growth Excellent organic profit growth and a further increase in DCC s high return on capital employed are the key features of DCC's results for the year ended 31 March Turnover of continuing activities grew by 42.1% to d1,870.1 million, while operating profit of continuing activities increased by 24.3% to d91.7 million. The chart below shows the breakdown of operating profit by division and a detailed Operating Review is set out on pages 10 to ANNUAL REPORT AND ACCOUNTS 2001
21 Financial Review Operating profit - Divisional analysis was 20.8 times (2000: 12.1 times). Profit before net exceptional gains, goodwill amortisation and tax rose by IT 34% Energy 26% 22.4% to d87.3 million. Dividend The total dividend for the year of cent per share represents an increase of 20.0% over the previous year. The dividend is covered 4.0 times (2000: 3.9 times) by adjusted earnings per share. Other Activities 18% Healthcare 22% Taxation The Group's taxation charge on ordinary activities for the year represents an effective tax rate of 15.0%, unchanged from last The Group's operating margin of 4.9% compared with 5.6% in the prior year. However, the main reason for the change was a substantial increase in oil product costs and in the downstream energy market profitability is driven by a contribution per litre of product sold and not a percentage margin. year. The effective tax rate reflects the impact of Irish manufacturing relief and the international spread of DCC's profits. Manufacturing relief results in an effective tax rate of 10% being applied to manufacturing profits in Ireland and this arrangement will continue until The standard rate of corporation tax in Ireland, set at 20% on 1 January 2001, will be The Group's return on tangible capital employed increased to 48.1% from 40.6% in 2000, while the return inclusive of acquisition goodwill increased to 23.7% from 20.9%. reduced on a phased basis to 12.5% by 1 January An analysis of the taxation charge is contained in note 11 to the financial statements. The net interest charge reduced to d4.4 million from d6.4 million, reflecting strong operating cash flow generation and disposals made in the second half of last year. Interest cover ANNUAL REPORT AND ACCOUNTS
22 Financial Review Cash flow DCC focuses on increasing operating cash flow to maximise shareholder value over the long-term. Operating cash flow is used to fund investment in existing operations, complementary bolt-on acquisitions and dividend payments. Balance sheet DCC has a very strong balance sheet with shareholders funds of d354.7 million at 31 March 2001 and net cash of d83.2 million. The composition of net cash at 31 March 2001 is shown in the following table. Cash flow from operating activities was excellent at d83.4 million, compared with operating profits from subsidiaries of d82.8 million. Strong organic sales growth resulted in an increased investment in working capital of d19.9 million. Working capital efficiency remained excellent and equated to 13.2 days sales at the year end. Balance Sheet E m E m Cash and term deposits Bank and other debt repayable within one year (200.6) (191.8) Bank and other debt repayable after more than one year (65.8) (161.7) Unsecured notes due 2008/11 (105.0) (108.6) The table below sets out a summary of cash flows. Net cash Cash Flow Summary Inflows E m E m Operating cash flow Disposal proceeds Share issues (net) The Group's cash is analysed in note 22 to the financial statements. An analysis of DCC's debt at 31 March 2001, including currency, interest rates and maturity periods, is shown in notes 23 to 26 to the financial statements Outflows Capital expenditure (net) Acquisitions Acquisition of own shares Interest paid Taxation paid Dividends paid Net cash (outflow)/inflow (7.0) Translation adjustment 1.0 (5.5) Movement in net cash/(debt) (6.0) Opening net cash/(debt) 89.2 (20.3) Closing net cash ANNUAL REPORT AND ACCOUNTS 2001
23 Financial Review Treasury policy and management The principal objective of the Group's treasury policy is the minimisation of financial risk at reasonable cost. This policy is reviewed and approved annually by the Board. The Group does not take speculative positions but seeks, where are sterling denominated. In order to protect shareholders' funds from material variations due to sterling exchange movements, a proportion of the Group s sterling net operating assets are hedged by an equivalent amount of sterling denominated borrowings. considered appropriate, to hedge underlying trading and asset/liability exposures by way of derivative financial instruments (such as interest rate and currency swaps and forward contracts). DCC's Group Treasury function centrally manages the Group s funding and liquidity requirements. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency and commodity Interest rate risk management: The Group finances its operations through a mixture of retained profit, cash and borrowings. The Group borrows in certain currencies at both fixed and floating rates of interest and utilises interest rate swaps to manage the Group's exposure to interest rate fluctuations. price exposures within approved guidelines. An analysis of the Group's hedging positions is contained in note 27(b) to the financial statements. Credit risk management: DCC transacts with a variety of financial institutions for the purpose of placing deposits and entering into derivative contracts. The Group actively Currency risk management: DCC's reporting currency and that in which its share capital is denominated is the euro. monitors its credit exposure to each counterparty within guidelines approved by the Board. Due to the nature of the Group's activities, exposures arise in the course of ordinary trading to other currencies, principally sterling and the US dollar. Trading foreign currency exposures are generally hedged by using forward contracts to cover specific or estimated purchases and receivables. Approximately half of the Group's operating profits are sterling denominated and, where appropriate, hedges are put in place to minimise the related exchange rate volatility. However, certain natural hedges also exist Commodity price risk management: Commodity forwards, swaps and options are used to hedge potential price movements in liquefied petroleum gas products and oil products purchased by the Group's energy businesses in Britain and Ireland. All such contracts are entered into with counterparties approved by the Board and hedge projected future purchases or sales of the commodity in question, usually for a period not exceeding two months. within the Group as a proportion of the Group's interest payments and of purchases by certain of its Irish businesses ANNUAL REPORT AND ACCOUNTS
24 Management Senior Group Management Jim Flavin Chief Executive/ Deputy Chairman Tommy Breen Morgan Crowe Kevin Murray Fergal O'Dwyer Managing Director Managing Director Managing Director Chief Financial Officer SerCom Healthcare Energy & Food Ann Keenan Donal Murphy Colman O Keeffe Michael Scholefield Gerard Whyte Head of Group Head of Group IT Deputy Managing Director Finance Director Group Secretary and Head Human Resources Healthcare Energy & Food of Group Risk Management Senior Subsidiary Company Management IT Energy Patrice Arzillier Paul Donnelly Sam Chambers Paddy Kilmartin Directeur General Managing Director Managing Director Managing Director Distrilogie Gem Distribution DCC Energy Northern Ireland Flogas UK Gordon McDowell Paul White Pat Mercer Daniel Murray Managing Director Managing Director Managing Director Managing Director Micro Peripherals Sharptext Flogas Ireland Emo Oil Declan Ryan Managing Director Atlas Environmental Healthcare Other Activities Mike Davies Richard Godfrey Food Managing Director Managing Director Designate Ken Peare Bernard Rooney Primacy Healthcare DCC Nutraceuticals Managing Director Managing Director Processing Robt. Roberts Kelkin Barry Leonard Stephen O Connor Michael Scanlon Managing Director General Manager Managing Director Virtus EuroCaps Broderick Bros. Barry O Neill Dan Teeters Supply Chain Management Services Managing Director President Kevin Henry and Ultan Reilly Days Medical Aids DCC Shoprider Inc Joint Managing Directors SerCom Solutions Frank Tiemann Reg Witheridge Managing Director Designate Managing Director CasaCare Thompson & Capper Peter Woods Chief Executive Fannin Healthcare & Deputy Managing Director DCC Healthcare 24 ANNUAL REPORT AND ACCOUNTS 2001
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